Older Londoners 'losing sleep over money worries'

Financial insecurity is leaving some older Londoners in a constant state of anxiety

Growing economic hardship is leaving many older Londoners anxious, causing them to lose sleep and feel isolated, according to Age UK London.

A report from the charity has found many older people struggling financially, facing digital exclusion, and having difficulties dealing with increasing costs of housing and home maintenance.

Age UK London spoke to people in the capital aged over 50 to build a picture of their daily lives in their own words.

The charity's polling found 38% of older Londoners reported concerns about getting into energy debt over unpaid bills.

Heating or eating

Age UK London said there was "a significant and concerning lack of awareness among some respondents" about different ways to save energy.

The report said: "Many people told us how they either do not turn on the heating or find many ways to cut back."

Polling carried out by Opinium for the charity focused on how older people were managing the cost of living in a time of rising prices.

It found that one in four older Londoners said their home was colder than they would like it to be "all of the time" or "most of the time".

More than one in three (36%) older Londoners said they felt less financially secure heading into 2025 than at the start of 2024.

The government's decision in July make Winter Fuel Payments means-tested, with only households receiving Pension Credit or certain other means-tested benefits eligible to receive the benefit, has also had an impact.

One respondent told Age UK London: "Withdrawing the Winter Fuel Payments is a blow.

"A lot of struggling pensioners, who have small occupational pensions and a modest amount of savings, are not considered poor enough to qualify for Pension Credit and will lose out and may have to choose between heating and eating."

Caring duties affect the ability of some older Londoners to be able to work

Margaret, who is retired, told BBC London she had had to sell her jewellery to make ends meet.

She said she sold a bracelet and two rings, including her engagement ring, "to a proper jewellers, but I got £127".

She added: "But it did mean that at least I had some money until the end of the month, when my pension had run out. How was I going to have dinner for the next week?"

Age UK London said financial insecurity was leaving some older Londoners in a constant state of anxiety.

As well as worries about energy bills, nearly half of respondents reported finding it difficult to "shop around" for more affordable prices and better deals when it comes to food shopping.

Some older Londoners are unable to afford repairs and maintenance, leading to vital home repairs being postponed indefinitely.

Challenges with accessing the internet, including the cost of getting online, mean that some older Londoners are at greater risk of financial exclusion.

The cost of living is leading many older Londoners to continue to work long after pension age or to return to work after a "first retirement", Age UK London said.

Worsening isolation

The report said worries included "running out of savings, facing unexpected costs, or losing government support".

It states: "They regularly stress over bills, such as energy bills, rent increases and mortgages with many respondents expressing deep distress over financial instability.

"Some older Londoners are experiencing loss of sleep due to financial worries, and some report that the inability to afford leisure activities and social outings is worsening their isolation."

John McGeachy, campaigns manager from Age UK London, told BBC London that the charity spoke to people who had sold their TV or microwave to make ends meet.

He said: "One of the things that really upset me reading the research was people putting off meeting up with friends, because they knew they could not afford the journey there - or if you get to the coffee shop and it's £4 for a coffee that's a heck of a lot of money that you could spend on quite a few meals at home.

"So people missing out on really basic things and that social interaction which is so important to our health."

Age UK London wants the government to introduce simplified benefit applications, stronger rent protections and improved mental health support "to help older Londoners navigate financial difficulties with dignity and security".